WWU MKTG 380 MIDTERM 1 STUDY GUIDE
Four Types of Utility - Answers -form, time, place, ownership
Form - Answers -conversion of raw materials and components into finished goods and
services
Time - Answers -availability of goods and services when consumers want them
place - Answers -availability of goods and services at convenient locations
ownership - Answers -ability to transfer title to goods or services from marketer to buyer
utility - Answers -the want-satisfying power of a good or service
marketing - Answers -the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
exchange process - Answers -activity in which two or more parties give something of
value to each other to satisfy perceived needs
production orientation - Answers -Business philosophy stressing efficiency in producing
a quality product, with the attitude toward marketing that "a good product will sell itself."
sales orientation - Answers -Belief that consumers will resist purchasing nonessential
goods and services, with the attitude toward marketing that only creative advertising
and personal selling can overcome consumers' resistance and persuade them to buy.
seller's market - Answers -a market in which there are more buyers for fewer goods
and services
buyer's market - Answers -a market in which there are more goods and services than
people willing to buy
consumer orientation - Answers -Business philosophy incorporating the marketing
concept that emphasizes first determining unmet consumer needs and then designing a
system for satisfying them.
marketing concept - Answers -Companywide consumer orientation with the objective of
achieving long-run success.
relationship marketing - Answers -Development and maintenance of long-term, cost-
effective relationships with individual customers, suppliers, employees, and other
partners for mutual benefit.
,5 eras in the history of marketing - Answers -production era
sales era
marketing era
relationship era
social era
production era - Answers -(pre-1920's) a good product will sell itself
sales era - Answers -(pre-1950's) creative advertising and selling will overcome
consumers' resistance and persuade them to buy
marketing era - Answers -(Since 1950's) "The consumer rules! Find a need and fill it."
relationship ear - Answers -(since 1980's) long-term relationship with customers and
other partners will lead to success
social era - Answers -Since 2000's "Connecting to consumers via the internet and
social media sites is an effective tool."
marketing myopia - Answers -Management's failure to recognize the scope of its
business
bottom line - Answers -reference to overall company profitability
person marketing - Answers -Marketing efforts designed to cultivate the attention,
interest, and preferences of a target market toward a person (perhaps a political
candidate or celebrity).
place marketing - Answers -marketing efforts to attract people and organizations to a
particular geographical area; improve consumer images of a city, state, or nation; and/or
attract new business
cause marketing - Answers -identification and marketing of a social issue, cause, or
idea to selected target markets
event marketing - Answers -Marketing of sporting, cultural, and charitable activities to
selected target markets
organization marketing - Answers -Marketing efforts of mutual-benefit organizations,
service organizations, and government organizations that seek to influence others to
accept their goals, receive their services, or contribute to them in some way
nontraditional marketing - Answers -person, place, cause, event, organization
, transaction-based marketing - Answers -Buyer and seller exchanges characterized by
limited communications and little or no ongoing relationships between the parties.
mobile marketing - Answers -Marketing messages transmitted via wireless technology
interactive marketing - Answers -Buyer-seller communications in which the customer
controls the amount and type of information received from a marketer through channels
such as the Internet and virtual reality kiosks.
social marketing - Answers -The use of online social media as a communications
channel for marketing messages
strategic allegiance - Answers -a partnership formed to create competitive advantage
on a worldwide basis
Eight Universal Marketing Functions - Answers -1. Buying
2. Selling
3. Transporting
4. Storing
5. Standardizing and Grading
6. Financing
7. Risk Taking
8. Securing Marketing Information
buying - Answers -ensuring that product offerings are available in sufficient quantities to
meet customer demands
selling - Answers -using advertising, personal selling, and sales promotion to match
products to customer needs
transporting - Answers -Moving products from their point of production to locations
convenient for purchasers
storing - Answers -warehousing products until needed for sale
standardizing and grading - Answers -ensuring that product offerings meet quality and
quantity controls of size, weight, and other variables
risk taking - Answers -Dealing with uncertainty about future customer purchases
financing - Answers -providing credit for channel members (wholesalers and retailers)
and consumers
securing marketing information - Answers -collecting information about consumers,
competitors, and channel members for use in making marketing decisions
Four Types of Utility - Answers -form, time, place, ownership
Form - Answers -conversion of raw materials and components into finished goods and
services
Time - Answers -availability of goods and services when consumers want them
place - Answers -availability of goods and services at convenient locations
ownership - Answers -ability to transfer title to goods or services from marketer to buyer
utility - Answers -the want-satisfying power of a good or service
marketing - Answers -the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
exchange process - Answers -activity in which two or more parties give something of
value to each other to satisfy perceived needs
production orientation - Answers -Business philosophy stressing efficiency in producing
a quality product, with the attitude toward marketing that "a good product will sell itself."
sales orientation - Answers -Belief that consumers will resist purchasing nonessential
goods and services, with the attitude toward marketing that only creative advertising
and personal selling can overcome consumers' resistance and persuade them to buy.
seller's market - Answers -a market in which there are more buyers for fewer goods
and services
buyer's market - Answers -a market in which there are more goods and services than
people willing to buy
consumer orientation - Answers -Business philosophy incorporating the marketing
concept that emphasizes first determining unmet consumer needs and then designing a
system for satisfying them.
marketing concept - Answers -Companywide consumer orientation with the objective of
achieving long-run success.
relationship marketing - Answers -Development and maintenance of long-term, cost-
effective relationships with individual customers, suppliers, employees, and other
partners for mutual benefit.
,5 eras in the history of marketing - Answers -production era
sales era
marketing era
relationship era
social era
production era - Answers -(pre-1920's) a good product will sell itself
sales era - Answers -(pre-1950's) creative advertising and selling will overcome
consumers' resistance and persuade them to buy
marketing era - Answers -(Since 1950's) "The consumer rules! Find a need and fill it."
relationship ear - Answers -(since 1980's) long-term relationship with customers and
other partners will lead to success
social era - Answers -Since 2000's "Connecting to consumers via the internet and
social media sites is an effective tool."
marketing myopia - Answers -Management's failure to recognize the scope of its
business
bottom line - Answers -reference to overall company profitability
person marketing - Answers -Marketing efforts designed to cultivate the attention,
interest, and preferences of a target market toward a person (perhaps a political
candidate or celebrity).
place marketing - Answers -marketing efforts to attract people and organizations to a
particular geographical area; improve consumer images of a city, state, or nation; and/or
attract new business
cause marketing - Answers -identification and marketing of a social issue, cause, or
idea to selected target markets
event marketing - Answers -Marketing of sporting, cultural, and charitable activities to
selected target markets
organization marketing - Answers -Marketing efforts of mutual-benefit organizations,
service organizations, and government organizations that seek to influence others to
accept their goals, receive their services, or contribute to them in some way
nontraditional marketing - Answers -person, place, cause, event, organization
, transaction-based marketing - Answers -Buyer and seller exchanges characterized by
limited communications and little or no ongoing relationships between the parties.
mobile marketing - Answers -Marketing messages transmitted via wireless technology
interactive marketing - Answers -Buyer-seller communications in which the customer
controls the amount and type of information received from a marketer through channels
such as the Internet and virtual reality kiosks.
social marketing - Answers -The use of online social media as a communications
channel for marketing messages
strategic allegiance - Answers -a partnership formed to create competitive advantage
on a worldwide basis
Eight Universal Marketing Functions - Answers -1. Buying
2. Selling
3. Transporting
4. Storing
5. Standardizing and Grading
6. Financing
7. Risk Taking
8. Securing Marketing Information
buying - Answers -ensuring that product offerings are available in sufficient quantities to
meet customer demands
selling - Answers -using advertising, personal selling, and sales promotion to match
products to customer needs
transporting - Answers -Moving products from their point of production to locations
convenient for purchasers
storing - Answers -warehousing products until needed for sale
standardizing and grading - Answers -ensuring that product offerings meet quality and
quantity controls of size, weight, and other variables
risk taking - Answers -Dealing with uncertainty about future customer purchases
financing - Answers -providing credit for channel members (wholesalers and retailers)
and consumers
securing marketing information - Answers -collecting information about consumers,
competitors, and channel members for use in making marketing decisions
